Economic Work Guidelines - The overall tone for the second half of the year emphasizes "stability while seeking progress," aiming to effectively promote domestic and international dual circulation [4][10][47] - The meeting acknowledged previous economic achievements while also addressing ongoing risks and challenges, highlighting the need for a proactive approach to leverage development opportunities [9][10] Macro Policy - The macro policy will focus on "sustained efforts and timely enhancements," indicating that fiscal and monetary policies still have room for maneuvering [10][11] - Fiscal policy will accelerate government bond issuance and improve fund utilization efficiency, particularly in infrastructure projects [11][12] - Monetary policy aims to maintain ample liquidity and support sectors like technology innovation, consumption, and small enterprises [18][19] Demand-Side Expansion - The meeting stressed the importance of effectively releasing domestic demand potential, with a focus on expanding consumption and fostering new growth points in service consumption [20][21] - Policies will be directed towards improving living standards and expanding consumption demand, including potential measures like "child-rearing subsidies" [22] Supply-Side Reform - The meeting highlighted the need for further regulation of "involutionary" competition and the orderly exit of backward production capacity in key industries [23][28] - Emphasis will be placed on deepening reforms and promoting a unified national market to optimize market competition [27][30] External Opening - The meeting called for expanding high-level opening-up and stabilizing the fundamentals of foreign trade and investment, with a focus on supporting foreign trade enterprises [34][35] - Policies will include optimizing export tax rebate policies and enhancing cross-border e-commerce development [36][37] Risk Prevention - The meeting outlined strategies for preventing and mitigating risks in key areas, including high-quality urban renewal and managing local government debt risks [39][41] - Emphasis will be placed on maintaining the stability of the capital market and preventing new hidden debts [40][44]

Domestic Market Overview - The domestic market experienced a mixed performance on July 30, with the Shanghai Composite Index closing at 3615.72 points, up 0.17%, while the Shenzhen Component Index fell to 11203.03 points, down 0.77% [1][10] - Among the 30 sectors tracked, 14 sectors saw gains, with notable increases in the oil and petrochemical, steel, and food and beverage sectors, while comprehensive finance, electric equipment and new energy, and computer sectors faced significant declines [1][10] - The total trading volume of the A-share market reached 18710 billion, showing an increase compared to the previous day [1][10] Overseas Market Overview - On July 30, the three major U.S. stock indices closed mixed, with the Dow Jones down 0.38%, the S&P 500 down 0.12%, and the Nasdaq up 0.15% [2] - Precious metals and copper concepts saw significant declines, with U.S. gold prices dropping over 7% [2] - The Federal Reserve maintained interest rates but showed rare internal disagreements, leading to a sharp drop in the market's expectation for a rate cut in September from 68% to 45% [2] Key News Highlights - The Central Political Bureau of the Communist Party of China held a meeting to discuss the economic situation and set the agenda for the upcoming Fourth Plenary Session of the 20th Central Committee [12][20] - The National Development and Reform Commission is soliciting public opinions on guidelines for government investment funds [24][25] - The National Health Commission announced measures to reduce the costs of childbirth, childcare, and education, and to improve maternity leave policies [27][28] - The Federal Reserve has maintained interest rates unchanged for the fifth consecutive time [29] Driving Factors - The Central Political Bureau emphasized the need for stable and flexible macroeconomic policies to support economic growth, including active fiscal policies and moderately loose monetary policies [11][16] - The meeting highlighted the importance of enhancing domestic demand and promoting consumption while ensuring the stability of employment and businesses [16][18] - The focus on technological innovation and the integration of industry and technology was reiterated as a key driver for future economic development [17][22]

北京商报记者 卢扬 程靓 据介绍，目前，中国已与29个国家实现全面互免签证，对46个国家实行单方面免签，对55个国家实行 240小时过境免签，还有海南入境免签、东盟国家旅游团入境免签、邮轮入境免签等区域性免签政策， 便利更多外国朋友来华旅游商贸。 柳佳进一步指出，口岸签证政策便利"急来速办"。对急需来华开展商贸、访问等活动，来不及在驻外使 领馆办妥签证的，提供办理口岸签证便利，目前已覆盖国际航线多、外籍人员入境量较大的73个城市99 个对外开放口岸，满足外国朋友紧急入境需求。停留居留服务保障"安心舒心"。对来华外籍人员签证有 效期、免签停留期不能满足需求的，提供就近办理签证延期和换补发的服务，还会同有关部门持续优化 提升外籍人员在华生活服务便利度，努力让外国朋友在中国旅行生活更舒心便捷。 除旅游外，越来越多的海外人才来华工作和创业。"十四五"期间，我国引进国际人才在华永久居留的数 量大幅增长，一批国际高层次科技人才在我国长期发展。国家移民管理局也着眼"方便来""留得 住"和"融得好"三方面，推动构建入境签证、停留居留、融入服务全流程响应的移民引才制度体系，为 深入实施人才强国战略提供移民出入境政策支持。 "免 ...

Core Points - The meeting of the Central Political Bureau emphasized the importance of the 14th Five-Year Plan and the upcoming Fourth Plenary Session of the 20th Central Committee, focusing on economic and social development strategies [1][2] - The meeting highlighted the need to maintain strategic confidence and adapt to complex changes in the economic environment, while leveraging China's institutional advantages and market potential [1][2] - The meeting called for a proactive macroeconomic policy to ensure stable economic growth and to address risks and challenges in the current economic landscape [3][4] Economic Development Strategy - The meeting underscored the necessity of adhering to Marxist principles and Xi Jinping's thoughts to achieve the goal of building a modern socialist country and promoting national rejuvenation [2] - Emphasis was placed on achieving qualitative improvements in the economy while ensuring reasonable quantitative growth, focusing on comprehensive development and common prosperity [2][3] Policy Recommendations - The meeting advocated for a continuation of active fiscal policies and moderately loose monetary policies to enhance policy effectiveness and support economic recovery [3][4] - It was recommended to stimulate domestic demand, particularly through consumption initiatives and effective investment strategies [3][4] Reform and Innovation - The meeting stressed the importance of deepening reforms and fostering technological innovation to enhance productivity and develop competitive emerging industries [4][5] - There was a call to optimize market competition and regulate local investment behaviors to ensure a fair business environment [4] Employment and Social Welfare - The meeting highlighted the priority of employment policies, particularly for vulnerable groups such as graduates and migrant workers, while ensuring social safety nets are in place [5] - It emphasized the need for food security and maintaining reasonable prices for essential agricultural products to support rural development [5]

Core Viewpoint - The meeting between Wang Yi and the US-China Business Council delegation emphasizes the importance of stable and healthy US-China relations, highlighting mutual respect, cooperation, and win-win principles as essential for both nations' development [4][6]. Group 1: Economic Cooperation - Wang Yi stated that China will continue to expand high-level opening-up and create a market-oriented, law-based, and international business environment, encouraging US companies to invest in China for mutual benefits [6][11]. - The US-China Business Council representatives expressed optimism about China's commitment to further opening up, which is crucial for foreign enterprises, including those from the US, to invest and operate in China [6][11]. - Wang Wentao emphasized that the US and China remain important economic partners despite challenges, and that dialogue and consultation are key to resolving differences [11]. Group 2: Strategic Communication - Both sides agreed on the necessity of establishing more communication channels to avoid misunderstandings and manage differences, aiming for a stronger, balanced, and mutually beneficial relationship [4][7]. - The representatives from the US business community indicated their commitment to deepening trade, investment, and cooperation in various sectors, including technology and healthcare, contributing to China's high-quality development [6][11]. - Wang Yi and Wang Wentao both highlighted the importance of maintaining stable and sustainable economic relations, with a focus on equal dialogue and collaboration [11].

Core Viewpoint - The Central Political Bureau meeting emphasized the need for proactive macroeconomic policies to address ongoing economic challenges while maintaining growth momentum, highlighting the importance of stability and flexibility in policy implementation [1][2][3]. Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of the year, laying a solid foundation for achieving the annual growth target of around 5% [2]. - The meeting acknowledged the positive performance of major economic indicators and the effective prevention of risks in key areas [1][2]. Macroeconomic Policy - The meeting called for continuous and timely strengthening of macroeconomic policies, focusing on stability and progress, and promoting domestic and international dual circulation [3][6]. - It was noted that fiscal policy should be more proactive, while monetary policy should remain moderately accommodative [5][7]. Key Focus Areas for the Second Half - The meeting outlined key tasks for the second half of the year, including releasing domestic demand potential, deepening reforms, and expanding high-level opening-up [9][14]. - Specific actions include implementing consumption-boosting initiatives, enhancing support for small and micro enterprises, and stabilizing foreign trade [10][12]. Financial Measures - The meeting proposed accelerating the issuance and utilization of government bonds to improve funding efficiency and support economic recovery [7][8]. - It was suggested that new significant measures may be introduced in the second half to bolster growth, including potential interest rate cuts and increased fiscal spending [7][8]. Employment and Social Welfare - Emphasis was placed on prioritizing employment, particularly for key groups such as college graduates and veterans, and ensuring the implementation of social welfare policies [16]. - The meeting highlighted the importance of maintaining food security and preventing large-scale poverty [16].

Report Industry Investment Rating - No relevant content provided Core View of the Report - Although China's economic fundamentals were still under pressure in June, financial data showed that the effects of loose monetary policy had emerged and might be reflected in subsequent economic indicators. The third trade negotiation provided more flexibility for the market. However, after the Politburo meeting, without any unexpected policies, market bulls might take profit, and stock index futures were expected to enter a wide - range shock. It was recommended to wait and see [2] Summary by Relevant Catalogs Futures Disk - IF main contract (2509) closed at 4136.4, up 1.8; IF sub - main contract (2508) closed at 4147.0, up 1.6. IH main contract (2509) closed at 2820.0, up 7.8; IH sub - main contract (2508) closed at 2821.4, up 9.0. IC main contract (2509) closed at 6215.4, down 26.2; IC sub - main contract (2508) closed at 6271.2, down 26.8. IM main contract (2509) closed at 6604.2, down 28.8; IM sub - main contract (2508) closed at 6675.6, down 29.8 [2] - IF - IH current - month contract spread was 1325.6, down 14.6; IC - IF current - month contract spread was 2124.2, down 40.8. IM - IC current - month contract spread was 404.4, down 8.8; IC - IH current - month contract spread was 3449.8, down 55.4. IM - IF current - month contract spread was 2528.6, down 49.6; IM - IH current - month contract spread was 3854.2, down 64.2 [2] - IF current - quarter minus current - month was - 41.8, up 1.0; IF next - quarter minus current - month was - 72.6, up 1.6. IH current - quarter minus current - month was - 1.2, down 3.6; IH next - quarter minus current - month was 0.2, down 3.2. IC current - quarter minus current - month was - 192.2, up 2.8; IC next - quarter minus current - month was - 316, up 5.4. IM current - quarter minus current - month was - 260.4, down 1.2; IM next - quarter minus current - month was - 425.8, down 0.8 [2] Futures Position - IF top 20 net positions were - 26,574.00, down 2773.0; IH top 20 net positions were - 14,691.00, down 262.0. IC top 20 net positions were - 11,447.00, down 1360.0; IM top 20 net positions were - 37,384.00, down 2167.0 [2] Spot Price - CSI 300 was at 4151.24, down 0.8; IF main contract basis was - 14.8, down 4.2. SSE 50 was at 2819.35, up 10.8; IH main contract basis was 0.7, down 4.8. CSI 500 was at 6314.69, down 41.5; IC main contract basis was - 99.3, down 6.2. CSI 1000 was at 6718.48, down 55.4; IM main contract basis was - 114.3, down 2.4 [2] Market Sentiment - A - share trading volume (daily, billion yuan) was 18,709.76, up 416.67; margin trading balance (previous trading day, billion yuan) was 19,826.41, up 156.08. Northbound trading volume (previous trading day, billion yuan) was 2334.31, up 67.60; reverse repurchase (maturity, operation volume, billion yuan) was - 1505.0, up 3090.0. Main funds (yesterday, today, billion yuan) were - 399.83 and - 792.11 respectively [2] - The proportion of rising stocks (daily, %) was 31.62, down 9.75; Shibor (daily, %) was 1.317, down 0.049. IO at - the - money call option closing price (2508) was 52.00, down 9.60; IO at - the - money call option implied volatility (%) was 14.42, down 1.22. IO at - the - money put option closing price (2508) was 54.00, down 4.20; IO at - the - money put option implied volatility (%) was 14.42, down 1.22. CSI 300 index 20 - day volatility (%) was 6.52, up 0.02; trading volume PCR (%) was 63.76, up 5.52; open interest PCR (%) was 75.91, up 3.25 [2] Wind Market Strength and Weakness Analysis - All A - shares were at 3.80, down 1.60; technical aspect was at 3.20, down 0.90; capital aspect was at 4.40, down 2.20 [2] Industry News - The Political Bureau of the CPC Central Committee decided to hold the Fourth Plenary Session of the 20th CPC Central Committee, and emphasized that macro - policies should continue to exert force and increase force in due course. It was necessary to implement more proactive fiscal policies and moderately loose monetary policies, release domestic demand potential, boost consumption, promote "two major" construction, expand high - level opening - up, and resolve local government debt risks [2] - From July 28th to 29th, Chinese and US economic and trade leaders held talks in Stockholm. The two sides agreed to extend the suspension of 24% of the US reciprocal tariffs and China's counter - measures for 90 days [2] Key Data to Focus On - On July 30th at 20:15, focus on US ADP employment in July; at 20:30, focus on US Q2 GDP; at 21:45, focus on Bank of Canada interest rate decision. On July 31st at 2:00, focus on Fed interest rate decision; at 9:30, focus on China's July manufacturing, non - manufacturing, and composite PMI; at 10:47, focus on Bank of Japan interest rate decision; at 20:30, focus on US June PCE and core PCE. On August 1st at 9:45, focus on China's July Caixin manufacturing PMI; at 20:30, focus on US July non - farm payrolls report; at 22:00, focus on US July ISM manufacturing PMI [3]

Group 1 - The core viewpoint emphasizes the importance of maintaining stable and healthy Sino-U.S. economic relations, highlighting that "decoupling" is not feasible and that equal dialogue is key to resolving differences [1] - The Chinese government is committed to further opening up its market, indicating that the policy for utilizing foreign investment remains unchanged and will continue to expand [1] - The Chinese consumer market is noted for its significant growth potential and innovative vitality, welcoming investments from U.S. companies and others to share development opportunities [1] Group 2 - The U.S.-China Trade Committee expresses optimism about the ongoing dialogue between the two governments and the positive outcomes achieved, which enhance market confidence [1] - The committee and its member companies are dedicated to long-term development in China and will contribute constructively to expanding Sino-U.S. economic cooperation [1]

根据新华社报道，7月30日，中共中央政治局召开会议，中共中央总书记习近平主持会议。 会议指出，要坚定不移深化改革。坚持以科技创新引领新质生产力发展，加快培育具有国际竞争力的新 兴支柱产业，推动科技创新和产业创新深度融合发展。纵深推进全国统一大市场建设，推动市场竞争秩 序持续优化。依法依规治理企业无序竞争。推进重点行业产能治理。规范地方招商引资行为。坚持"两 个毫不动摇"，激发各类经营主体活力。 会议指出，"十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，我国发展环境面 临深刻复杂变化，战略机遇和风险挑战并存、不确定难预料因素增多，同时我国经济基础稳、优势多、 韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，中国特色社会主义制度优势、超大规模市场 优势、完整产业体系优势、丰富人才资源优势更加彰显，要保持战略定力，增强必胜信心，积极识变应 变求变，集中力量办好自己的事，在激烈国际竞争中赢得战略主动，推动事关中国式现代化全局的战略 任务取得重大突破。 会议强调，"十五五"时期经济社会发展要坚持马克思列宁主义、毛泽东思想、邓小平理论、"三个代 表"重要思想、科学发展观，全面贯彻习近平新时代中国特 ...

Group 1 - The eighth China International Import Expo (CIIE) will be held from November 5 to 10 in Shanghai, with a theme of "New Era, Shared Future" [1] - Over 330,000 square meters of exhibition space has been signed, with 170 companies and 27 institutions confirmed as "full attendance" [1] - More than 50 countries and international organizations have confirmed participation in the national exhibition [1] Group 2 - The CIIE has fostered local innovation practices over the past seven years, with companies like Henkel leveraging the platform to connect industry resources and accelerate innovation in China [2] - Abbott has successfully launched several products in the Chinese market from previous expos and aims to continue providing innovative solutions for consumers and healthcare professionals [2] - L'Oréal will participate for the eighth consecutive year and has already signed up for the ninth expo, showcasing its largest exhibition area in the personal care sector and highlighting its 20th anniversary of R&D and innovation in China [2]